Idaho Likely To See Economic Improvement
According to the Spring 2011 issue of Zions Bank’s Insight – Economic News of Idaho and the Nation released today, Idaho’s economy continues to establish a foundation for stronger growth with expectations of more solid performance in 2012 and especially in 2013.
“Most of the pain is now behind the state, with modest levels of net job creation today likely to give way to stronger gains over the next two to three years,” said Jeff Thredgold, economic consultant to Zions Bank and author of Insight. “The state is well-positioned to take advantage of low business and living costs and an attractive quality of life. The state’s return to being one of the nation’s top job creators is in the cards.”
The quarterly Insight publication features updates on current and projected economic and financial developments for the state of Idaho, the nation and the global economy. The report also highlights examples of the state’s return to economic growth:
• Idaho’s unemployment rate has averaged 9.7 percent in recent months. The unemployment rate is expected to move noticeably lower in coming years as employment gains return to traditional levels.
• Idaho’s pace of job creation during the first two months of 2011 was just below a 1.0 percent annual rate, with an average gain of 5,000 jobs during the most recent 12-month periods.
• Export-related employment now supports more than 25,000 Idaho jobs and accounts for more than 10 percent of the state’s total economic output. Idaho companies exported a record $5.15 billion worth of goods last year, a 32 percent rise from the prior year.
• Recent 2010 Census data indicates Idaho population growth ranked fourth in the nation, with a 21 percent rise between April 2000 and April 2010. The state’s current population, estimated at 1.57 million residents, ranks 40th. During the same period, the U.S. population rose by 9.7 percent to 308.7 million.
Zions Bank operates 26 full-service branches in Idaho and 105 branches throughout Utah. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Idaho’s Boise District for the past eight consecutive years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 135 years. Additional information is available at www.zionsbank.com.